Michael Wittry has been investing in his Roth IRA account for 25 years. Two years ago, his account was worth $239,000. After losing1/3 of its original value, it then gained 1/2 of its new value back.Original Account value:Original value lost:New value gained back:$ 239,0001/31/2Required:Using the information above, answer the following questions:1. What was his 1/3 loss?2. What does Michael's account total after the 1/3 loss?3. What is the current value of his Roth IRA?

Let's break down the information given:Original account value: $239,000Original value lost: 1/3 of…

Answered: Michael Wittry has been investing in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

Michael writtey has been investing in his Roth IRA retirement account for 20 years. Two years ago, his account was worth $215,658. After losing 1/3 of its original value, it then gained 1/2 of its new value back. What is the current value of his Roth IRA?
When you were born, your parents opened an investment account in your name and deposited $500 into the account. The account has earned an average annual rate of return of 4.8 percent. Today, the account is valued at $36,911.22. How old are you?
If Mike deposited and withdrew as shown below, how much can he withdraw at the end of 5th year? Assume i=4%. If it is a deposit, then enter the value as a negative number and if it is a withdrawal, then enter the value as a positive number. n 0 1 2 3 4 5 CF 0 -500 -400 500 -500 -500 If the answer is a dollar value then enter the number without any comma, without $sign, without any gap, and with 2 decimal digits, for example, -5896547.12 4 If the answer is a % then enter the number with 3 decimal digits followed by a % sign without any gap, for example 3.123% or 4.210%
This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $131,293 left to pay on your loan. Your house is now valued at $230,000. How much equity do you have in your home (equity is value minus remaining debt)
2(a) Assume your uncle died one year ago and had left you the money in his saving account at that date. His deposit was PKR 550,000 made 16 years ago. This savings account had paid 13% compounded annually. How much money was in the account last year?
Your grandfather put some money into an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $4,497 in it and pays an interest rate of 6%. a. How much money would be in the account if you left the money there until your 25th b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put into the account? birthday?
Question 1 :-
Can you demonstrate the accurate method for solving this financial accounting question?
return on his investments. Cost accounting questions
Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $3,996 in it and pays an 8% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put in the account? a. How much money would be in the account if you left the money there until your 25th birthday? If you left the money there until your 25th birthday, the amount in the account would be $ ☐ (Round to the nearest cent.)
This year 10 years after you first took out the loan, you check your loan balance. Only part of your payments have been going to pay down the loan, the rest has been going towards interest. You see that you still have 120,730 left to pay on your loan. Your house is now valued at $180,000. how much of your original loan have you paid off?
This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $126,323 left to pay on your loan. Your house is now valued at $220,000. How much of the original loan have you paid off? (i.e, how much have you reduced the loan balance by? Keep in mind that interest is charged each month - it's not part of the loan balance.) The total mortgage amount as $144,000, interest rate is 8%, the mortgage is 30 years.

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